Ripple has expanded its partnership with the cryptocurrency bank AMINA Bank, regulated by the Swiss Financial Market Supervisory Authority (FINMA).
As part of the cooperation, the financial institution was the first in Europe to start using the comprehensive payment solution Ripple Payments.
According to the statement, the application of the platform will help AMINA clients solve the problem of integrating blockchain-based operations with traditional banking systems.
"This will allow for seamless movement of funds and more efficient settlements without relying on existing payment infrastructure, making transactions faster, cheaper, more reliable, and more transparent," the press release states.
The product director of AMINA Bank, Miles Harrison, noted that reducing friction is particularly relevant for cross-border payments in stablecoins. Support for such operations has not yet gained widespread adoption.
"Our clients need a payment platform that can simultaneously handle both fiat money and stablecoins, but traditional correspondent banking networks were not designed to support this," the manager added.
The partnership is an extension of the existing relationship between Ripple and AMINA Bank. In early 2025, the bank will be the first in the world to offer storage and trading services for the 'stablecoin' RLUSD from the blockchain company.
The firm completed beta testing of the asset in August 2024. In December, Ripple received approval from the New York Department of Financial Services (NYDFS) to use stablecoins for trading.
At the time of writing, the market capitalization of RLUSD reached $1.3 billion. By this measure, it ranks among the top 10 dollar-pegged tokens (CoinGecko).
Ripple is developing its business based on RLUSD
The U.S. Office of the Controller of the Currency issued the company a conditional approval to create a national trust bank. This was reported by Ripple CEO Brad Garlinghouse.
"This is a huge step forward and a first for RLUSD, establishing the highest compliance standard for stablecoins under both federal (OCC) and state (NYDFS) supervision," he emphasized.
The company also closed a deal to acquire the Rail platform, specializing in operations with 'stablecoins.' The purchase agreement for $200 million was signed in August.
Ripple expects that the acquisition will strengthen its position in the stablecoin payments sector.
Recall that in October, the blockchain company completed the acquisition of the non-bank prime broker Hidden Road. The deal amounted to $1.25 billion.
In November, Ripple acquired the developer of custodial solutions, Palisade.
